Board Diversity and Intellectual Capital: An Analysis of Thai Listed Agriculture and Food Companies

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Witchulada Vetchagool


        The article examines the nexus between board diversity (gender and nationality) and intellectual capital (IC), while previous studies focused on the relationship between IC and financial performance and overlooked the factors affecting IC efficiency. The data were obtained from the annual reports of 45 agriculture and food companies listed on the Stock Exchange of Thailand (SET) during 2017–2020. This study uses the modified value-added intellectual coefficient (MVAIC) model to measure firms’ IC performance. The fixed-effects regression analysis shows a significant relationship between board gender diversity and IC performance. It implies that IC efficiency can be positively explained by gender diversity. The presence of female directors on corporate boards is more likely to have better IC performance. The study contributes to strengthening the importance of gender diversity on boards. It is aligned with G20/OECD corporate governance guidance on board responsibilities to promote gender diversity in board and management. Unexpectedly, foreign directors do not affect IC performance. This finding indicates that nationality diversity may not be the main determinant of IC performance due to the very limited foreign presence on the boards of directors of Thai agriculture and food-listed enterprises.


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Vetchagool, W. . (2022). Board Diversity and Intellectual Capital: An Analysis of Thai Listed Agriculture and Food Companies . KKBS Journal of Business Administration and Accountancy, 6(2), 133–153. Retrieved from
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